Labor Dept. Reduces WC Assessment Rate to 6.65%

The Rhode Island Department of Labor and Training has reduced the assessment on workers' compensation insurers to 6.65% from 6.75% for fiscal year 2014-15, which began July 1. The department said in a press release that it is the first reduction since 2003. The reduction will save employers $250,000 annually. By law, the Department of Labor and Training finances the entire workers’ comp system using premium taxes.  Department Director Charles J. Fogarty decided to reduce the assessment amount after examining end-of-year financial records for the department’s Workers&rsqu...